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Japanese investors nearly single-handedly bought up two new mortgage 
securities-based mutual funds totaling $701 million, the U.S. Federal 
National Mortgage Association said. The purchases show the strong 
interest of Japanese investors in U.S. mortgage-based instruments, 
Fannie Mae's chairman, David O. Maxwell, said at a news conference. 
He said more than 90% of the funds were placed with Japanese 
institutional investors. The rest went to investors from France and 
Hong Kong. Earlier this year, Japanese investors snapped up a similar, 
$570 million mortgage-backed securities mutual fund. That fund was put 
together by Blackstone Group, a New York investment bank. The latest 
two funds were assembled jointly by Goldman, Sachs &amp; Co. of the U.S. 
and Japan's Daiwa Securities Co. The new, seven-year funds -- one 
offering a fixed-rate return and the other with a floating-rate return 
linked to the London interbank offered rate -- offer two key advantages 
to Japanese investors. First, they are designed to eliminate the risk 
of prepayment -- mortgage-backed securities can be retired early if 
interest rates decline, and such prepayment forces investors to redeploy 
their money at lower rates. Second, they channel monthly mortgage 
payments into semiannual payments, reducing the administrative burden on 
investors. By addressing those problems, Mr. Maxwell said, the new funds 
have become ``extremely attractive to Japanese and other investors 
outside the U.S.'' Such devices have boosted Japanese investment in 
mortgage-backed securities to more than 1% of the $900 billion in such 
instruments outstanding, and their purchases are growing at a rapid rate. 
They also have become large purchasers of Fannie Mae's corporate debt, 
buying $2.4 billion in Fannie Mae bonds during the first nine months 
of the year, or almost a tenth of the total amount issued.
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    <desc id="1614" len="26" off="353">116~118~120~122~124~126~128</desc>
    <desc id="1615" len="9" off="370">126~128</desc>
    <desc id="1616" len="33" off="397">136~138~140</desc>
    <desc id="1617" len="8" off="432">145~147</desc>
    <desc id="1618" len="36" off="449">153~155~157~159~161~163</desc>
    <desc id="1619" len="6" off="464">157</desc>
    <desc id="1620" len="9" off="476">161~163</desc>
    <desc id="1621" len="17" off="487">168~170~172</desc>
    <desc id="1622" len="18" off="506">176~178</desc>
    <desc id="1623" len="63" off="536">184~186~188~190~192~194~196~198~200~202</desc>
    <desc id="1624" len="9" off="601">207~209</desc>
    <desc id="1625" len="44" off="632">219~221~223~225~227~229~231~233</desc>
    <desc id="1626" len="8" off="652">227~229</desc>
    <desc id="1627" len="21" off="678">238~240~242~244</desc>
    <desc id="1628" len="32" off="726">254~256~258~260~262~264~266~268</desc>
    <desc id="1629" len="65" off="726">254~256~258~260~262~264~266~268~270~272~274~276~278~280</desc>
    <desc id="1630" len="8" off="750">266~268</desc>
    <desc id="1631" len="5" off="764">272</desc>
    <desc id="1632" len="27" off="764">272~274~276~278~280</desc>
    <desc id="1633" len="149" off="793">285~287~289~291~293~295~297~299~301~303~305~307~309~311~313~315~317~319~321~323~325~327~329~331~333</desc>
    <desc id="1634" len="3" off="822">297</desc>
    <desc id="1635" len="19" off="836">301~303~305</desc>
    <desc id="1636" len="9" off="860">309~311</desc>
    <desc id="1637" len="67" off="875">315~317~319~321~323~325~327~329~331~333</desc>
    <desc id="1638" len="33" off="909">325~327~329~331~333</desc>
    <desc id="1639" len="6" off="913">327</desc>
    <desc id="1640" len="18" off="952">339~341~343</desc>
    <desc id="1641" len="18" off="975">347~349</desc>
    <desc id="1642" len="4" off="1002">358</desc>
    <desc id="1643" len="88" off="1046">374~376~378~380~382~384~386~388~390~392~394~396</desc>
    <desc id="1644" len="26" off="1060">378~380</desc>
    <desc id="1645" len="14" off="1112">392~394</desc>
    <desc id="1646" len="15" off="1140">402~404</desc>
    <desc id="1647" len="9" off="1163">408</desc>
    <desc id="1648" len="5" off="1186">414</desc>
    <desc id="1649" len="11" off="1186">414~416</desc>
    <desc id="1650" len="11" off="1201">420~422</desc>
    <desc id="1651" len="4" off="1222">431</desc>
    <desc id="1652" len="26" off="1235">435~437~439</desc>
    <desc id="1653" len="19" off="1267">443~445</desc>
    <desc id="1654" len="39" off="1297">451~453~455~457~459</desc>
    <desc id="1655" len="9" off="1327">459</desc>
    <desc id="1656" len="14" off="1352">468~470</desc>
    <desc id="1657" len="11" off="1368">474~476</desc>
    <desc id="1658" len="13" off="1386">482~484~486</desc>
    <desc id="1659" len="28" off="1439">500,506</desc>
    <desc id="1660" len="46" off="1439">500~502~504~506~508~510~512</desc>
    <desc id="1661" len="33" off="1452">504~506~508~510~512</desc>
    <desc id="1662" len="8" off="1477">510~512</desc>
    <desc id="1663" len="12" off="1488">519~521</desc>
    <desc id="1664" len="19" off="1514">527~529</desc>
    <desc id="1665" len="26" off="1538">533~535</desc>
    <desc id="1666" len="65" off="1568">539~541~543~545~547~549~551~553~555~557~559~561~563</desc>
    <desc id="1667" len="16" off="1584">549~551~553~555</desc>
    <desc id="1668" len="17" off="1604">559~561</desc>
    <desc id="1669" len="5" off="1639">569</desc>
    <desc id="1670" len="15" off="1639">569~571</desc>
    <desc id="1671" len="12" off="1670">579~581~583</desc>
    <desc id="1672" len="4" off="1685">588</desc>
    <desc id="1673" len="16" off="1707">596~598</desc>
    <desc id="1674" len="10" off="1727">602~604</desc>
    <desc id="1675" len="27" off="1727">602~604~606~608~610</desc>
    <desc id="1676" len="32" off="1764">616~618~620~622~624~626~628</desc>
    <desc id="1677" len="10" off="1780">624~626</desc>
    <desc id="1678" len="34" off="1804">632~634~636~638~640~642~644</desc>
    <desc id="1679" len="8" off="1830">642~644</desc>
    <desc id="1680" len="34" off="1850">652~654~656~658~660~662~664</desc>
    <desc id="1681" len="23" off="1861">658~660~662~664</desc>
  </rep>
  <rep id="edu.mit.discourse.rep.coref">
    <desc id="1682" len="1723" off="0">Japanese institutional investors|1602,1608,1616,1622,1641,1659,1669,1672,1673</desc>
    <desc id="1683" len="148" off="42">The purchases|1603,1606</desc>
    <desc id="1684" len="1448" off="52">the funds|1604,1615,1627,1633,1642,1651,1658,1663</desc>
    <desc id="1685" len="1667" off="123">Fannie Mae|1605,1610,1674,1677</desc>
    <desc id="1686" len="42" off="196">the strong interest of Japanese investors|1607</desc>
    <desc id="1687" len="31" off="242">U.S. mortgage-based instruments|1609</desc>
    <desc id="1688" len="1103" off="276">Fannie Mae's chairman|1611,1613,1657</desc>
    <desc id="1689" len="17" off="325">a news conference|1612</desc>
    <desc id="1690" len="26" off="353">more than 90 % of the funds|1614</desc>
    <desc id="1691" len="8" off="432">The rest|1617</desc>
    <desc id="1692" len="36" off="449">investors from France and Hong Kong|1618</desc>
    <desc id="1693" len="6" off="464">France|1619</desc>
    <desc id="1694" len="9" off="476">Hong Kong|1620</desc>
    <desc id="1695" len="17" off="487">Earlier this year|1621</desc>
    <desc id="1696" len="74" off="536">$570 million mortgage-backed securities mutual fund|1623,1624</desc>
    <desc id="1697" len="44" off="632">Blackstone Group|1625</desc>
    <desc id="1698" len="8" off="652">New York|1626</desc>
    <desc id="1699" len="32" off="726">Goldman, Sachs &amp; Co. of the U.S.|1628</desc>
    <desc id="1700" len="65" off="726">Goldman, Sachs &amp; Co. of the U.S. and Japan's Daiwa Securities Co|1629</desc>
    <desc id="1701" len="735" off="750">the U.S.|1630,1662</desc>
    <desc id="1702" len="5" off="764">Japan|1631</desc>
    <desc id="1703" len="27" off="764">Japan's Daiwa Securities Co|1632</desc>
    <desc id="1704" len="3" off="822">one of the funds|1634</desc>
    <desc id="1705" len="19" off="836">a fixed-rate return|1635</desc>
    <desc id="1706" len="9" off="860">the other fund|1636</desc>
    <desc id="1707" len="67" off="875">a floating-rate return|1637</desc>
    <desc id="1708" len="33" off="909">the London interbank offered rate|1638</desc>
    <desc id="1709" len="6" off="913">London|1639</desc>
    <desc id="1710" len="18" off="952">two key advantages|1640</desc>
    <desc id="1711" len="109" off="1046">prepayment|1643,1646</desc>
    <desc id="1712" len="561" off="1060">mortgage-backed securities|1644,1665,1668</desc>
    <desc id="1713" len="14" off="1112">interest rates|1645</desc>
    <desc id="1714" len="173" off="1163">investors|1647,1648,1655</desc>
    <desc id="1715" len="11" off="1186">their money|1649</desc>
    <desc id="1716" len="11" off="1201">lower rates|1650</desc>
    <desc id="1717" len="26" off="1235">monthly mortgage payments|1652</desc>
    <desc id="1718" len="19" off="1267">semiannual payments|1653</desc>
    <desc id="1719" len="39" off="1297">the administrative burden on investors|1654</desc>
    <desc id="1720" len="14" off="1352">those problems|1656</desc>
    <desc id="1721" len="46" off="1439">Japanese and other investors outside the U.S.|1660</desc>
    <desc id="1722" len="33" off="1452">other investors|1661</desc>
    <desc id="1723" len="140" off="1514">Japanese investment|1664,1670</desc>
    <desc id="1724" len="65" off="1568">more than 1 % of the $900 billion|1666</desc>
    <desc id="1725" len="16" off="1584">the $900 billion|1667</desc>
    <desc id="1726" len="12" off="1670">a rapid rate|1671</desc>
    <desc id="1727" len="157" off="1727">Fannie Mae's corporate debt|1675,1681</desc>
    <desc id="1728" len="32" off="1764">$2.4 billion|1676</desc>
    <desc id="1729" len="34" off="1804">the first nine months of the year|1678</desc>
    <desc id="1730" len="8" off="1830">the year|1679</desc>
    <desc id="1731" len="34" off="1850">a tenth of the total amount issued|1680</desc>
  </rep>
  <rep id="es.ucm.nil.indication.rep.indication">
    <desc id="1732" len="18" off="0">1602|MOD:DIST:2|NUC:DIST:4</desc>
    <desc id="1733" len="79" off="42">1603|NUC:DIST:10~12|MOD:DIST:14~16~18~20~22~24~26~28~30~32</desc>
    <desc id="1734" len="69" off="52">1604|MOD:DIST:14|MOD:DIST:16|MOD:DIST:18|MOD:DIST:20|MOD:DIST:22|NUC:DIST:24|MOD:DIST:26~28~30~32</desc>
    <desc id="1735" len="47" off="123">1605|MOD:DIST:36|MOD:DESC:38|NUC:DIST:40~42~44~46</desc>
    <desc id="1736" len="13" off="177">1606|MOD:DIST:53|NUC:DIST:55</desc>
    <desc id="1737" len="42" off="196">1607|MOD:DIST:59|MOD:DESC:61|NUC:DIST:63|MOD:DIST:65~67~69</desc>
    <desc id="1738" len="18" off="220">1608|MOD:DIST:67|NUC:DIST:69</desc>
    <desc id="1739" len="31" off="242">1609|MOD:DIST:73|MOD:DIST:75|NUC:DIST:77</desc>
    <desc id="1740" len="10" off="276">1610|NUC:DIST:81~83</desc>
    <desc id="1741" len="39" off="276">1611|MOD:DESC:81~83~85~87|NUC:DIST:91~93~95</desc>
    <desc id="1742" len="17" off="325">1612|MOD:DIST:103|MOD:DIST:105|NUC:DIST:107</desc>
    <desc id="1743" len="2" off="345">1613|NUC:DIST:112</desc>
    <desc id="1744" len="26" off="353">1614|MOD:DIST:116~118|NUC:DIST:120~122|MOD:DIST:124~126~128</desc>
    <desc id="1745" len="9" off="370">1615|MOD:DIST:126|NUC:DIST:128</desc>
    <desc id="1746" len="33" off="397">1616|MOD:DIST:136|MOD:DIST:138|NUC:DIST:140</desc>
    <desc id="1747" len="8" off="432">1617|MOD:DIST:145|NUC:DIST:147</desc>
    <desc id="1748" len="36" off="449">1618|NUC:DIST:153|MOD:DIST:155~157~159~161~163</desc>
    <desc id="1749" len="6" off="464">1619|NUC:DIST:157</desc>
    <desc id="1750" len="9" off="476">1620|NUC:DIST:161~163</desc>
    <desc id="1751" len="17" off="487">1621|NUC:DIST:168|MOD:DIST:170~172</desc>
    <desc id="1752" len="18" off="506">1622|MOD:DIST:176|NUC:DIST:178</desc>
    <desc id="1753" len="63" off="536">1623|MOD:DIST:184|MOD:DESC:186|MOD:DIST:190~192~194|MOD:DIST:196|MOD:DIST:198|MOD:DIST:200|NUC:DIST:202</desc>
    <desc id="1754" len="9" off="601">1624|MOD:DIST:207|NUC:DIST:209</desc>
    <desc id="1755" len="44" off="632">1625|NUC:DIST:219~221|MOD:DESC:225~227~229~231~233</desc>
    <desc id="1756" len="8" off="652">1626|NUC:DIST:227~229</desc>
    <desc id="1757" len="21" off="678">1627|MOD:DIST:238|MOD:DIST:240|MOD:DIST:242|NUC:DIST:244</desc>
    <desc id="1758" len="32" off="726">1628|NUC:DIST:254~256~258~260~262|MOD:DESC:264~266~268</desc>
    <desc id="1759" len="65" off="726">1629|NUC:DIST:254~256~258~260~262~264~266~268~270~272~274~276~278~280</desc>
    <desc id="1760" len="8" off="750">1630|MOD:DIST:266|NUC:DIST:268</desc>
    <desc id="1761" len="5" off="764">1631|NUC:DIST:272</desc>
    <desc id="1762" len="27" off="764">1632|MOD:DESC:272~274|NUC:DIST:276~278~280</desc>
    <desc id="1763" len="149" off="793">1633|MOD:DIST:285|MOD:DIST:287|MOD:DIST:291|NUC:DIST:293|MOD:DESC:297~299~301~303~305~307~309~311~313~315~317~319~321~323~325~327~329~331~333</desc>
    <desc id="1764" len="3" off="822">1634|NUC:DIST:297</desc>
    <desc id="1765" len="19" off="836">1635|MOD:DIST:301|MOD:DIST:303|NUC:DIST:305</desc>
    <desc id="1766" len="9" off="860">1636|MOD:DIST:309|NUC:DIST:311</desc>
    <desc id="1767" len="67" off="875">1637|MOD:DIST:315|MOD:DIST:317|NUC:DIST:319|MOD:DIST:321~323~325~327~329~331~333</desc>
    <desc id="1768" len="33" off="909">1638|MOD:DIST:325|MOD:DIST:327|MOD:DIST:329|MOD:DIST:331|NUC:DIST:333</desc>
    <desc id="1769" len="6" off="913">1639|NUC:DIST:327</desc>
    <desc id="1770" len="18" off="952">1640|MOD:DIST:339|MOD:DESC:341|NUC:DIST:343</desc>
    <desc id="1771" len="18" off="975">1641|MOD:DIST:347|NUC:DIST:349</desc>
    <desc id="1772" len="4" off="1002">1642|NUC:DIST:358</desc>
    <desc id="1773" len="88" off="1046">1643|NUC:DIST:374|MOD:DIST:378~380~382~384~386~388~390~392~394~396</desc>
    <desc id="1774" len="26" off="1060">1644|MOD:DIST:378|NUC:DIST:380</desc>
    <desc id="1775" len="14" off="1112">1645|MOD:DIST:392|NUC:DIST:394</desc>
    <desc id="1776" len="15" off="1140">1646|MOD:DIST:402|NUC:DIST:404</desc>
    <desc id="1777" len="9" off="1163">1647|NUC:DIST:408</desc>
    <desc id="1778" len="5" off="1186">1648|NUC:DIST:414</desc>
    <desc id="1779" len="11" off="1186">1649|MOD:DIST:414|NUC:DIST:416</desc>
    <desc id="1780" len="11" off="1201">1650|MOD:DIST:420|NUC:DIST:422</desc>
    <desc id="1781" len="4" off="1222">1651|NUC:DIST:431</desc>
    <desc id="1782" len="26" off="1235">1652|MOD:DIST:435|MOD:DIST:437|NUC:DIST:439</desc>
    <desc id="1783" len="19" off="1267">1653|MOD:DIST:443|NUC:DIST:445</desc>
    <desc id="1784" len="39" off="1297">1654|MOD:DIST:451|MOD:DIST:453|NUC:DESC:455|MOD:DIST:457~459</desc>
    <desc id="1785" len="9" off="1327">1655|NUC:DIST:459</desc>
    <desc id="1786" len="14" off="1352">1656|MOD:DIST:468|NUC:DIST:470</desc>
    <desc id="1787" len="11" off="1368">1657|MOD:DIST:474|NUC:DIST:476</desc>
    <desc id="1788" len="13" off="1386">1658|MOD:DIST:482|MOD:DIST:484|NUC:DIST:486</desc>
    <desc id="1789" len="28" off="1439">1659|MOD:DIST:500|NUC:DIST:506</desc>
    <desc id="1790" len="46" off="1439">1660|NUC:DIST:500~502~504~506~508~510~512</desc>
    <desc id="1791" len="33" off="1452">1661|MOD:DIST:504|NUC:DIST:506|MOD:DIST:508~510~512</desc>
    <desc id="1792" len="8" off="1477">1662|MOD:DIST:510|NUC:DIST:512</desc>
    <desc id="1793" len="12" off="1488">1663|MOD:DIST:519|NUC:DIST:521</desc>
    <desc id="1794" len="19" off="1514">1664|MOD:DIST:527|NUC:DIST:529</desc>
    <desc id="1795" len="26" off="1538">1665|MOD:DIST:533|NUC:DIST:535</desc>
    <desc id="1796" len="65" off="1568">1666|MOD:DIST:539~541|NUC:DIST:543~545|MOD:DIST:547~549~551~553~555~557~559~561~563</desc>
    <desc id="1797" len="16" off="1584">1667|MOD:DIST:549|NUC:DIST:551~553~555</desc>
    <desc id="1798" len="17" off="1604">1668|MOD:DIST:559|NUC:DIST:561</desc>
    <desc id="1799" len="5" off="1639">1669|NUC:DIST:569</desc>
    <desc id="1800" len="15" off="1639">1670|MOD:DIST:569|NUC:DIST:571</desc>
    <desc id="1801" len="12" off="1670">1671|MOD:DIST:579|MOD:DESC:581|NUC:DIST:583</desc>
    <desc id="1802" len="4" off="1685">1672|NUC:DIST:588</desc>
    <desc id="1803" len="16" off="1707">1673|MOD:DESC:596|NUC:DIST:598</desc>
    <desc id="1804" len="10" off="1727">1674|NUC:DIST:602~604</desc>
    <desc id="1805" len="27" off="1727">1675|MOD:DIST:602~604~606|MOD:DIST:608|NUC:DIST:610</desc>
    <desc id="1806" len="32" off="1764">1676|NUC:DIST:616~618~620|MOD:DIST:622~624~626~628</desc>
    <desc id="1807" len="10" off="1780">1677|NUC:DIST:624~626</desc>
    <desc id="1808" len="34" off="1804">1678|MOD:DIST:632|MOD:DIST:634|MOD:DIST:636|NUC:DIST:638|MOD:DIST:640~642~644</desc>
    <desc id="1809" len="8" off="1830">1679|MOD:DIST:642|NUC:DIST:644</desc>
    <desc id="1810" len="34" off="1850">1680|MOD:DIST:652|NUC:DIST:654|MOD:DIST:656~658~660~662~664</desc>
    <desc id="1811" len="23" off="1861">1681|MOD:DIST:658|MOD:DIST:660|NUC:DIST:662|MOD:DIST:664</desc>
  </rep>
</story>
